Economic Development Authority Meeting Date: September 28, 2026
To: Members of the Economic Development Authority
From: Scott Wopata, Community Development Director
Emery John, Interim Program Coordinator
Title
August EDA Financials and Loan Report
Body
Action Requested:
None at this time - information only.
Summary Report:
See attached for the monthly loan report for the seven outstanding loans that the EDA holds. The Lux Med Spa Loan is not yet recorded on this document - payments begin Sep. 2026.
Staff are formatting new financial statements more aligned with standard Income and Expense or Balance Sheet financial statements. See attached for a marked up I/E and B/S snapshot of EDA funds 290, 292, and 293. These are still being reformatted and reviewed with the hope of providing more substantive clarity for the EDA in regard to our financial position.
One note for future action is highlighted on the B/S on the top of page 3. There is currently $618,063.51 restricted as a revolving loan reserve for Fund 292. After some initial research, the EDA could elect to set a lower reserve percentage, typically closer to 10-15% of the total balance of revolving loans. This would free up cash for more or expanded programs. Note: there is a similar revolving loan reserve for Fund 293 of $43,649.86.
City Plans & Policies Relevance:
N/A
Alternative Options:
N/A
Financial Impacts:
N/A
Tentative Timelines:
This is an ongoing item, updated monthly to stay current.